First – Options for Taking Out 1500 Loans
You basically have 4 different options for getting and immediate cash loan for 1500:
1) Get the money from a family member or a friend. This option is great if you know someone who can lend you the money and if you will not have any problem paying them back. However, it can be costly if you end up changing your relationship. If you go this route for your loan, it is wisely suggested to get all the details down in writing so both parties understand all the details. Advantages include low costs, easy repayment options.
2) Cash advance from a credit card. This option can be better than either title loans or payday loans, but you will be limited by the amount available on your credit card, and if you have a credit card at all. The costs to take out a cash advance for 1500 on your credit card will usually be about a 3% fee from the card company, plus interest (which can be anywhere from 10% to 30% depending on your current rates).
3) Title Loans – Title loans are loans made against the title on your car. Usually you can borrow up to a certain percentage of the equity you have in the car (to figure out your ‘equity’ take the car’s value and subtract what you owe on it). These loans are fast, can be made to bad-credit borrowers, and can be used to fill short-term financing needs. However, they are only for short-term financing, are much more expensive than a cash advance from your credit card (and certainly from your friend or family member), and you have the potential of losing your car. As such, be very careful with title loans for bad credit.
4) Payday Loans – This is a very common option for people looking for a 1500 personal loan with bad credit. No credit checks are required, you don’t have to put up any capital (as you do with a title loan), and you can walk out of the store with cash today in your pocket. However, the quickest payday loans are also the most expensive type of short-term fast cash financing. Average APR’s average above 450%, and as such it’s very important that you know what you are doing before you take out such a loan (read our guide to immediate cash loans for a decent overview).
Overall, when deciding what type of 1500 loan you are going to go with, remember to:
1) Look at all your options
2) Make sure you understand all the costs
3) If you find yourself needing a short-term loan, make sure you really need it, as these loans are the most expensive on the market.